Scheme to cut London鈥檚 carbon emissions by 60% gets under way

The London Development Agency (LDA) has moved a step closer to setting up a dedicated fund for improving the energy efficiency of public buildings and social housing in the capital.

The LDA has begun the process of procuring a manager for the 拢50m Energy Efficiency Urban Development Fund (UDF), which is part of the 拢100m London Green Fund that will make repayable loans and equity investments in climate change infrastructure projects across London.

The Energy Efficiency UDF will invest initially in energy efficiency in public and voluntary sector buildings and social housing. It will be designed to allow its remit to expand in future to cover larger-scale decentralised energy projects.

The Fund is one of the LDA initiatives that will help reach the mayor鈥檚 target of cutting London鈥檚 carbon emissions 60% by 2025.

Martin Powell, mayor of London鈥檚 environment adviser, said:鈥漈he London Green Fund is an exciting innovative way to promote sustainable economic growth and help London to reach its target of cutting carbon emissions by 60% by 2025.

鈥淢oney from the London Green Fund is effectively recycled, so we get more value and can attract even more investment in London鈥檚 low carbon future. This will help London become the world鈥檚 leading low carbon big city.鈥�

Topics